Resource mobilisation

Overview

GCF’s 2020-2023 replenishment (GCF-1) is an important element of the financial commitments needed to deliver the UNFCCC and its Paris Agreement. This first replenishment is part of a long-term vision for the Fund, building it up to become a major global instrument for channeling public climate finance to mobilise the larger shifts in global financial flows required to achieve the Paris Agreement goals.

A well-resourced Fund is a prerequisite for translating the 2015 Paris Agreement goals into concrete actions and helping developing countries to make their economies greener and more resilient.

Bruno Le Maire, French Minister of the Economy and Finance

Process

The replenishment process has been structured around two consultation meetings – in Oslo, Norway, 4-5 April 2019 and Ottawa, Canada, 29-30 August 2019 – and a Pledging Conference on 24-25 October 2019, hosted in Paris, France. The Board appointed Mr Johannes F. Linn as the global facilitator to guide the replenishment process towards a successful outcome.

Contributions

The twenty-fourth meeting of GCF Board (B.24) welcomed the successful conclusion of the first formal replenishment process of GCF. Pledges have been made by 29 contributors totaling USD 9.8 billion equivalent. The amount pledged exceeds the USD 9.3 billion announced at the Fund's previous pledging conference in 2014, even though some contributors have yet to pledge. Almost 80 percent of countries increased their pledges in national currency from the Initial Resource Mobilisation and over half of the contributors doubled their pledges or more, representing a 70% increase in GCF's annual programming resources.

Contributions by State a
Countributor Nominal pledge Credits b GCF-1 total
Austria $33.79 M $2.01 M $35.80 M
Belgium c d $45.05 M $1.64 M $46.69 M
Canada $225.53 M $3.67 M $229.20 M
Denmark c $120.69 M $5.29 M $125.99 M
Finland c $112.62 M $4.09 M $116.72 M
France c $1743.38 M $50.69 M $1794.07 M
Germany $1689.32 M $0.43 M $1689.75 M
Hungary $0.70 M $0.04 M $0.74 M
Iceland $2.00 M $0.06 M $2.06 M
Indonesia $0.50 M - $0.50 M
Ireland $18.02 M $0.65 M $18.67 M
Italy $337.86 M $12.28 M $350.15 M
Japan c $1500.00 M - $1500.00 M
Liechtenstein $0.05 M $0.00 M $0.05 M
Luxembourg $45.05 M $1.64 M $46.69 M
Monaco c $4.22 M $0.17 M $4.40 M
Netherlands c $135.15 M $5.95 M $141.10 M
New Zealand $10.05 M $0.60 M $10.65 M
Norway c $417.48 M $16.25 M $433.73 M
Poland $3.00 M $0.18 M $3.18 M
Portugal $1.13 M $0.04 M $1.17 M
Republic of Korea $200.00 M - $200.00 M
Russian Federation $10.00 M $0.60 M $10.60 M
Slovakia $2.25 M $0.08 M $2.33 M
Slovenia $1.13 M $0.07 M $1.19 M
Spain $168.93 M $7.55 M $176.49 M
Sweden $852.55 M - $852.55 M
Switzerland c $150.00 M $5.45 M $155.45 M
United Kingdom $1851.88 M - $1851.88 M

a USD equivalent amounts represent values calculated using Reference Exchange Rates agreed by Contributors in the Policies for Contributions (PfC).

b As per the PfC, a notional credit has been applied to pledges made by contributors who have indicated to make payments in advance of the standard schedule.

c Subject to parliamentary and government approval

d Belgium aims to double its contribution in line with the Belgian parliamentary resolution adopted on 24 October 2019.